USD 174.24 Billion
Report ID:
SQMIG10A2019 |
Region:
Global |
Published Date: June, 2024
Pages:
157
|Tables:
65
|Figures:
75
Global Hydrogen Market size was valued at USD 225.15 billion in 2022 and is poised to grow from USD 242.71 billion in 2023 to USD 442.63 billion by 2031, growing at a CAGR of 7.8% during the forecast period (2024-2031).
The hydrogen market has been on an upward trend over the recent past, because of the growing demand for cleaner energy solutions, and the move towards the de-carbonization of various economic sectors. Hydrogen has been described as a ‘blue sky’ fuel given its ability to do everything a fossil fuel can do including powering transportation, electricity and industrial processes. This potential has seen increased and serious investment from governments of nations and private entities in a bid to develop hydrogen technologies in order to achieve climate ambitions.
When it comes to the transportation sector, the hydrogen fuel cell vehicles known as FCVs are now expected to challenge the battery electric vehicle or BEVs. Toyota and other global automakers are now producing FCVs and a number of countries are introducing policies and subsidies for the hydrogen fuel infrastructure. This momentum is due to hydrogen’s provision of longer range and faster refueling times than those comparable to BEVs, particularly for HDVs like trucks, buses, and rail.
Industrial sector is another major consumer for hydrogen and plays the significant role in stimulating growth of the market. Cement and steel industries are among the worst offenders when it comes to carbon emissions that are difficult to combat using mainstream approaches. Hydrogen is an effective means for such industries since it contributes by cutting their emissions by a considerable extent. The energy sector is also using hydrogen in its operations, especially electricity generation and in storage. It also takes part in fuel cells to produce electricity, equally, it can be used to store excessive renewable energy, then utilize it when required, in this manner, it act as a tool in increasing the strength of the grid and energy security.
US Hydrogen Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 174.24 Billion
Largest Segment
Ammonia
Fastest Growth
Ammonia
Growth Rate
5.6% CAGR
To get more reports on the above market click here to Buy The Report
Global Hydrogen Market is segmented by sector, application and region. Based on sector, the market can be segmented into Generation Type (Gray Hydrogen, Blue Hydrogen, Green Hydrogen), Storage (Physical, Material-based), and Transportation (Long Distance, Short Distance). Based on application, the market is segmented into Energy (Power Generation, Combined Heat & power (CHP)), Mobility, and Chemical & Refinery (Petroleum Refinery, Ammonia Production, Methanol Production). Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Sector
The largest segment within this market is the generation type sector concerned with the technology and process of generating green hydrogen. Some of the procedures found in this segment are electrolysis and biomass gasification, while others involve the use of renewable energy systems, including wind and solar. Since there is increased focus on the energy sector for affordable and environmentally friendly sources of energy, the generation type sector takes almost half of the market share because the production of green hydrogen is key to the sector.
However, the growth rate of only a few segments in this market is impressive; one of them is the storage sector. However, as the green hydrogen industry grows and shifts from a demonstration phase towards a more established market, storage is becoming a key consideration. Compression, liquefaction, or utilizing stores like underground caverns are emerging as frontier solutions that aim to address the increasing need for storage of green hydrogen. The growth in this segment could be attributed to the raising investment in hydrogen infrastructure, establishment of hydrogen energy systems as well as hydrogen in it forms taking up its use as a clean energy in many sectors.
Analysis by Application
The largest category that dominates the market is energy, which comprises applications such as power generation, voltage regulation, energy management, and energy storage. This can also be attributed to the fact that with the growing concern towards the use of renewable energy like solar and wind, green hydrogen is being adopted in many energy applications. The stationary segment leads the market, as green hydrogen bridges the gap between the supply of extra renewable energy and the demand required to power communities and industries.
Mobility is the only segment that is experiencing steady growth and astonishing growth numbers, at that. The shift to change the transportation sector energy pathways is quickly incrementing with increased focus in zero-emission vehicle technologies and other fuels. There is interest in green hydrogen as an energy vector and synthetic fuel for mobility services such as fuel cell electric vehicles, buses, trucks, and trains. Owing to these, it can provide long driving ranges and short refueling time, and hence, can be a solution to carbon-neutralized transportation. The extent and rate of expansion are expected to soar as governments around the globe push for stringent emission standards and continue to build hydrogen infrastructure in the mobility segment in the coming years.
To get detailed analysis on other segments, Request For Free Sample Report
North America appears to be dominating the global hydrogen market which is steadily progressing in different regions of the world. Some factors to help North America lead the market include the rising use of fuel cells, which are crucial to enable the use of hydrogen as a clean energy. The rising demand for fuel cell vehicles is due to end-user preference as well as the uptick in industrial uses, enabling by increased pollution control norms and standards.
Further, the region comprises of progressive policies and contains massive governmental support hence offering an outstanding indication of the progressive use of cleaner fuels in North America. For example, in March 2023, that is, in its first year of the Biden-Harris Administration, the United States committed a significant amount of USD 750 million for R&D as well as demonstration programs that are focused on furthering the goal of lowering the cost of clean hydrogen. This funding, administered through the US Department of Energy (DOE), is a perfect example of the region’s active activity in strategically supporting research and development efforts in the hydrogen technology sector and its scale-up potential. Such endeavours are especially important for meeting the energy needs of different segments of the transport, manufacturing and electricity generation industries, which would further strengthen North America’s position of being the world’s leading market for the production and distribution of hydrogen.
On the other hand, although the most widespread market of hydrogen is in North America, the Asia-Pacific region has since been identified as the most rapidly developing market in the hydrogen industry. The strong improvement of such a form of business can be attributed to the following dynamic factors peculiar to the region. The Asia-Pacific that is moving faster towards industrialization and urbanization is depicting a higher level of demand for green energy to tackle pollution as well as increasing energy demands. With the world’s leading countries such as China, Japan and South Korea leading the way by committing themselves to corporate hydrogen strategies in addition to investing greatly in the creation of adequate hydrogen networks. Not only are these nations working toward developing a sustainable domestic hydrogen production but also are promoting international partnerships for a secure hydrogen supply chain.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Drivers
Growing Demand for Clean Energy
Technological Advancements
Restraints
High Production Costs
Infrastructure Challenges
Limited Charging Infrastructure
Request Free Customization of this report to help us to meet your business objectives.
The global hydrogen market can be described as highly competitive as major market players are continually increasing competition, technology, and joint ventures. The global market is made up of a few large producers like Air Liquide, Linde plc, Air Products and Chemicals, Inc.; the listed large manufacturers have advanced production capabilities and innovative technologies. The companies in this industry are establishing massive capital expenditures on exploration in the development of better technologies for hydrogen production such as electrolysis and natural gas reforming with a goal of attaining cut costs. There is also a rise in entries and small players and are also gaining ground in new opportunities such as hydrogen fuel cells and storage. The competitive pressure is also evident on the expansion of partnership and collaboration affiliation designed to create a comprehensive global hydrogen economy in terms of production or supply and consumption or application.
Hydrogen Market Top Player’s Company Profiles
Hydrogen Market Recent Developments
In April 2024, the international technology group ANDRITZ announced its acquisition of a 13.8% stake in the Norwegian tech company HydrogenPro. Founded in 2013, HydrogenPro specializes in providing pressurized alkaline electrolyzers (AEL) for green hydrogen production. This acquisition builds on a strategic partnership formed last year, aimed at delivering integrated solutions for green hydrogen plant supplies. By acquiring this stake, ANDRITZ aims to enhance its collaboration with HydrogenPro, combining their expertise to better serve customers. HydrogenPro supplies the essential pressurized alkaline electrolyzer components and technology, while ANDRITZ handles the assembly of electrolyzer stacks and offers green hydrogen solutions on an EPC (Engineering, Procurement, and Construction) basis.
In April 2024, MAIRE announced that its subsidiary, NextChem Tech, finalized the acquisition of 80% of HyDEP S.r.l. and 100% of Dragoni Group S.r.l. This follows an earlier announcement made on February 21, 2024. HyDEP and Dragoni Group, both based in Italy, are esteemed engineering service providers with a focus on the mechanical and electrochemical sectors. With over 20 years of experience in green hydrogen technology, including several patented innovations, these companies offer extensive process design capabilities. Their services cover process and mechanical design, validation, prototyping, and certification of water electrolysis stacks and systems.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global Hydrogen Market analysis, the market is growing significantly globally because clean energy solutions are gaining attention around the world, governments are implementing favorable policies to support the development of hydrogen as one of the ways to reduce carbon emissions, and due to the progress in hydrogen production technologies. Some current global market studies estimate that the hydrogen market will likely expand with a CAGR of more than 9% within the range of the years 2021 through 2030. Other areas that have the potential for significant growth include transportation specifically in FCEVs as well as in refining, ammonia synthesis, and methanol synthesis. Regionally, Asia-Pacific region, especially Japan, South Korea, and China has more market share in hydrogen infrastructure because of the liberal government support and mounting investments. Another large producer is Europe too and many European countries included in the EU are having credible energy plan and the very specific plan to type huge capacity of hydrogen by the 2030 target. The NAFTA zone especially US has sort of has been active due to private investment as well as policies. Although there are challenges that include high capital to generate costs and infrastructures challenges coupled with regulatory risk that are still prevalent in the market, companies and the government are putting measures in place to overcome the barriers.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 225.15 billion |
Market size value in 2031 | USD 442.63 billion |
Growth Rate | 7.8% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Hydrogen Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Hydrogen Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Hydrogen Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Hydrogen Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATIONWant to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Report ID: SQMIG10A2019